Gold Spot Price Open: $1,436
Gold Spot Price Close: $1,426
Change in Gold Spot Price:-$10
Silver Spot Price Open: $23.76
Silver Spot Price Close: $23.47
Change in Silver Spot Price:-$0.29
Gold and silver finished down yet again on Tuesday as stock markets across Asia and the US did a good job of putting pressure on precious metals. When all was said and done on Tuesday gold was down about ten dollars while silver finished down a little over 25 cents.
Both stock markets in the US and Japan have been hitting record highs as of late which is doing a great job of keeping gold and silver moving downward. So long as stock markets continue to do this well it is taking investor interest away from safe-haven assets such as gold because investors are not as apprehensive about putting their money in riskier places such as the stock market. Easy money policies by a large majority of the world’s central banks has caused interest rates to fall which is more bad news for gold and silver investors. Until the stock markets around the world begin to become riskier, it is unlikely that we will see a large-scale move to invest in precious metals.
While the early morning news out of Europe did little to move precious metals, it is still worth mentioning. Industrial output across the EU was up by about one percentage point in March which is the largest such increase in roughly a year and a half. Additionally, a Spanish government bond auction yielded better results than were expected which hinted to the fact that the debt crisis in Europe is not nearly as much on investors’ minds as it was only a short time ago. This doesn’t mean Europe is out of the woods yet, but so long as economic numbers continue to improve the situation across the EU will begin to slowly heal itself.
As the week wears on, it seems like gold is getting closer and closer to the $1,400 mark, which is something that is very disturbing for investors. With that being said, there is still 3 more days for precious metals to turn things around.
